The revenues of state-owned enterprises (SOEs) in East China’s Anhui province rose 12.4 percent year-on-year to 833.94 billion yuan ($123.66 billion) in 2018, the local government announced at a press conference on Monday.
The provincial SOEs reaped profits of 73.72 billion yuan last year, up 54.3 percent from a year earlier.
Anhui was ranked 8th and 3rd in China in terms of revenue of provincial SOEs and profit, respectively.
The provincial SOEs’ average ratio of liabilities to assets stood at 60.7 percent in December 2018, down 2 percentage points from January. The number was lower than the national average of 70.7 percent.
The SOEs made full use of bond market and expanded the financing channel last year. They raised funds worth 98.5 billion yuan.